TRY/USD Forex Forecast: Turkey Announces the End of Efforts to Find Survivors – 20 February 2023
On the technical level, trading of the dollar pair against the Turkish lira stabilized during today’s early trading, after the Turkish currency recorded new record levels of decline against the dollar at the beginning of last week when it touched 18.94 levels.
Today’s recommendation on the TRY/USD
The risk is 0.50%.
Best buying entry points
Entering a buy order pending order from the 18.70 level.Place a stop loss point to close below the support level at 18.45.Move the stop loss to the entry area and follow the profit when the price moves by 50 pips.Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the strong resistance level at 19.00.
Best-selling entry points
Entering a sell order pending order from the 19.00 level.The best points to place a stop loss close to the highest level of 19.15.Move the stop loss to the entry area and follow the profit when the price moves by 50 pips.Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the support level at 18.75.
Early trading stabilized Monday morning, on the latest news efforts to find survivors after the devastating earthquake in Turkey has come to an end, according to Yunus Sezer, head of the country’s Disaster and Emergency Management Presidency (AFAD).
Sezer said rescue operations in Kahramanmaras, the epicenter, and Hatay, one of the hardest-hit provinces, are still underway. “We continue these efforts every day with the hope of finding a surviving brother or sister,” the official said. Meanwhile, US Secretary of State Antony Blinken arrived in Turkey on Sunday, with the aim of visiting the hardest-hit areas in the wake of the deadly earthquake that killed more than 40,000 people in the country.
According to Turkey’s official Anadolu news agency, Blikin was received by Turkish Foreign Minister Mevlut Cavusoglu before embarking on a helicopter flight from Incirlik Air Base to nearby Hatay province.
“So sad to see firsthand the devastation caused by the earthquakes,” the minister wrote on Twitter, adding that the United States remained committed to doing everything it could to help Turkey. Blinken will fly to Ankara on Monday for talks with Turkish officials, including President Recep Tayyip Erdogan, after meeting with rescue workers and affected citizens. Topics to be discussed include humanitarian aid and Sweden and Finland’s attempt to join NATO. In this context, Turkish Foreign Minister Mevlut Cavusoglu said on Monday, during a joint press conference with US Secretary of State Anthony Blinken, that Ankara expects Washington to lift its unilateral sanctions against the country.
TRY/USD Technical Analysis
On the technical level, trading of the dollar pair against the Turkish lira stabilized during today’s early trading, after the Turkish currency recorded new record levels of decline against the dollar at the beginning of last week when it touched 18.94 levels. At the same time, the pair continued to trade within the ascending channel levels on today’s time frame, as the pair’s bullish movement continued, albeit at a slow pace.
The pair is also trading within a price channel in a smaller time frame. The USD/TRY is trading above the support levels of 18.78, 18.70, and 18.63, respectively. The pair is trading below the resistance levels at 18.88 and 18.94, which represents the pair’s all-time high, and the pair is also trading below the psychological resistance levels at 19.00.
The USD/TRY is also trading above the moving averages 50, 100, and 200 on the daily time frame, while the price is trading between these averages on the four-hour time frame, in a sign of the general bullish trend for the pair. Any decline in the pair represents an opportunity to buy back again. Please adhere to the numbers in the recommendation, while maintaining capital management.
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